West Siberia

LUKOIL organized a trip to OOO "LUKOIL-West Siberia", Kogalym on 13-14
November 2003 as part of the Company's program of field trips for
investors.

Representatives of major local and international investment companies
took advantage of the opportunity to see this key LUKOIL production
region. Companies represented on the trip included Deutsche Bank, AIG
Private Bank, Norges Bank, Raiffeisenbank, Vostok Nafta, ROSNO Insurance
Company, Renaissance Capital, Lipetzcombank, Rosgosstrakh and others.

The visitors were given a tour of Yuzhny-Yagunsk field production
facilities, where they saw an oil treatment and pumping unit, and a unit
for production of oil and gas. They were also shown facilities of
LUKOIL EPU Service, which maintains electric submersible pumps, and were
taken to see a core study center.

A presentation of LUKOIL activities in the region was given
by Vladimir Nekrasov, the LUKOIL Vice-President and CEO of LUKOIL-West
Siberia, and by Nikolai Inushin, the First Deputy CEO and Chief Engineer
of Lukoil-West Siberia. Mr Nekrasov replied in detail to investor
questions on the program for increasing efficiency and reducing costs.
The Head of LUKOIL's Investor Relations Department, Gennady Krasovsky,
offered a presentation of the outlook for future development of LUKOIL.

Photogallery

Overview of Production Activities

OOO "LUKOIL-West Siberia" is a rapidly developing company with
production activities at Surgutsky, Nizhnevartovsky, Kondinsky and
Sovetsky Administrative Districts of Khanty Mansiisk Autonomous Okrug
and Yamalsky and Tazovsky Administrative Districts of Yamalo-Nenetsky
Autonomous Okrug.

The Company has about 41,000 employees with headquarters in Kogalym,
coordinating 4 subsidiaries: "Langepasneftegaz", "Uraineftegaz",
"Kogalymneftegaz" and "Pokachyovneftegaz" in the towns of Langepas, Urai
, Kogalym and Pokachi with total population of over 155,000 people (the
first letters of the first three towns were used to create the name
"LUKOIL").

There were about one billion tons of oil reserves on the balance sheet
of LUKOIL-West Siberia as of January 1, 2003. R/P ratio is over 25
years.

The Company balance sheet includes 54 fields in the Khanty-Mansiysk
Autonomous Okrug and 6 fields in the Yamalo-Nenetsky Autonomous Okrug.

LUKOIL-West Siberia is likely to extract 46.4 million tons of oil in
2003 (1.1 million more than in 2002) and 2.147 bcm of oil gas.
Investments in development of production this year will total 17.2
billion rubles, most of which will be spent on capital expenditures. The
Company will carry out 518,000 meters of production drilling and 40,000
meters of exploration drilling, as well as launching 226 new wells.

A large part of Company investments are being used for development of new drilling technologies, automation of production, increase of crude oil recovery, and bottom-hole treatment. We aim to integrate the latest Russian technologies with technologies of leading international companies (Halliburton, Schlumberger, Baker Oil Tools, and the service company PetroAlliance) during drilling and reinforcing of wells.

The Company makes best use of hydrofracturing, drilling of lateral bore holes in idle wells, drilling of horizontal wells, and development of non-drainable reserves.

Computer technologies are widely applied to collect and store information, and to carry out geological-mathematical modeling and field monitoring. The Company has created a unique geological data bank, and the Company's center for study of core and formation fluids makes use of the latest technologies.

LUKOIL-West Siberia is giving special attention to the Gydansky
peninsular of the Yamalo-Nenetsky Autonomous Okrug, which will be the
future focus of Company operations. Investments in development of
hydrocarbon fields in that region totaled 4.6 billion rubles this year.
The Nakhodkinskoye gas condensate field, the first field in the
Bolshekhetskaya Depression, is due to come on tap in 2005 and to reach
full production of 10 billion cubic meters per year in 2007. All
preparatory studies have now been completed and work has started on
infrastructure preparation and construction of a gas pipeline to connect
the field with the Yamburgskaya gas condensate station. The pipeline
includes a unique 8-kilometer, 2-pipe underwater section across the
Tazovsky Gulf, and it will enable transportation of gas from all fields
in the Bolshekhetskaya Depression.

This work will be followed by step-by-step infrastructure preparation
and launch of production at other fields in the Bolshekhetskaya
Depression, whose overall proved reserves are 2.5 billion boe.

LUKOIL-West Siberia is working constantly to reduce costs.
Reorganization of the system of management of structural sub-divisions
that was held in 2002 along with other cost-reduction efforts reflected
in reduction of equivalent cost of one ton of export oil by 3.5% from
2001 to 2002. Much work has also been done to close down unprofitable
wells. Efficiency of well workovers and maintenance repairs is
increasing.